Anyone who is still in the 'see there was nothing at all to the Brexit economic warnings’ camp should pause and take a long, careful look at today’s annual results from Sainsbury's.

There they will see clearly that the effects of the changes on a rise in food prices starting to come in at the end of the supermarket group’s financial year “driven by the devaluation of sterling and commodity prices rises.”

Further the figures for general merchandise and clothing suggest that consumers are beginning to draw in their horns, not buy that new garment yet if at all and look a bit more carefully at what are ‘must haves’ and ‘good to haves.’

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For the other downward pressure for many people in work is that there is a “marked slowdown in real pay growth” – salaries and wages are in some cases not keeping pace with inflation so people are looking to make further economies where they can.

So these pressures are beginning to make themselves felt in the day-to-day takings of more and more businesses but the question is how far that will go and how much of an effect that will have in the wider economy.

As Sainsbury's notes in its results: “Economic commentators are divided on the implications for the UK economy, but there are fears that this slowdown in real income might drive a reduction in GDP growth, an increase in unemployment and a reduction in the rate of unsecured credit growth.”

And let us remember that we are only at the very start of the process of the UK leaving the EU and so we are, as yet, only really seeing the effects of sterling devaluation against the euro and dollar, some effects on pay rates and on consumer confidence.

And of course the biggest questions is what is that replaced with – what is the ultimate destination and what will be the transitional arrangements for easing our way to getting there?

However, let us not talk ourselves into an unnecessary downward spiral – or unwittingly encourage more negative economic effects than we might otherwise face.

One thing we can be sure of is there is much, much more of all this to come As David Davis said on the Radio Four Today programme this morning on the May/Juncker leak row: “What you are seeing are the tough, early stages of a negotiation.”

And as he also indicated in that interview there will be many, many more snags and hurdles before a final agreement is reached.